SSO vs. BTC-USD
SSO (ProShares Ultra S&P500) is Leveraged Equities fund tracking the S&P 500, while BTC-USD (Bitcoin) is a cryptocurrency. Over the past 10 years, SSO returned 24.02%/yr vs 55.97%/yr for BTC-USD. At a 0.13 correlation, their price movements are largely independent.
Performance
SSO vs. BTC-USD - Performance Comparison
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Returns By Period
In the year-to-date period, SSO achieves a 15.08% return, which is significantly higher than BTC-USD's -25.06% return. Over the past 10 years, SSO has underperformed BTC-USD with an annualized return of 24.02%, while BTC-USD has yielded a comparatively higher 55.97% annualized return.
SSO
- 1D
- 1.03%
- 1M
- 0.12%
- YTD
- 15.08%
- 6M
- 15.47%
- 1Y
- 47.12%
- 3Y*
- 34.18%
- 5Y*
- 18.57%
- 10Y*
- 24.02%
BTC-USD
- 1D
- 2.42%
- 1M
- -17.06%
- YTD
- -25.06%
- 6M
- -25.64%
- 1Y
- -37.83%
- 3Y*
- 36.87%
- 5Y*
- 10.30%
- 10Y*
- 55.97%
SSO vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SSO ProShares Ultra S&P500 | 15.08% | 26.19% | 43.48% | 46.65% | -38.98% | 60.57% | 21.54% | 63.45% | -14.60% | 44.35% |
BTC-USD Bitcoin | -25.06% | -6.27% | 120.76% | 155.82% | -64.23% | 59.40% | 304.57% | 94.10% | -73.37% | 1,324.24% |
Correlation
The correlation between SSO and BTC-USD is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2012 | 0.13 |
Over the past year, SSO and BTC-USD have become more correlated (0.39) than their long-term average of 0.13, meaning their price movements have been converging.
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Return for Risk
SSO vs. BTC-USD — Risk / Return Rank
SSO
BTC-USD
SSO vs. BTC-USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra S&P500 (SSO) and Bitcoin (BTC-USD). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| SSO | BTC-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.68 | ||
| Sortino ratioReturn per unit of downside risk | +3.53 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 0.88 | +0.43 |
| Calmar ratioReturn relative to maximum drawdown | 2.42 | -0.74 | +3.16 |
| Martin ratioReturn relative to average drawdown | 10.37 | -1.28 | +11.65 |
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Drawdowns
SSO vs. BTC-USD - Drawdown Comparison
The maximum SSO drawdown since its inception was -84.67%, roughly equal to the maximum BTC-USD drawdown of -85.30%. Use the drawdown chart below to compare losses from any high point for SSO and BTC-USD.
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Drawdown Indicators
| SSO | BTC-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.67% | -85.30% | +0.63% |
Max Drawdown (1Y)Largest decline over 1 year | -18.17% | -51.21% | +33.04% |
Max Drawdown (3Y)Largest decline over 3 years | -35.21% | -51.21% | +16.00% |
Max Drawdown (5Y)Largest decline over 5 years | -46.73% | -76.67% | +29.94% |
Max Drawdown (10Y)Largest decline over 10 years | -59.34% | -83.80% | +24.46% |
Current DrawdownCurrent decline from peak | -4.94% | -47.43% | +42.49% |
Average DrawdownAverage peak-to-trough decline | -19.55% | -42.37% | +22.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.24% | 35.28% | -31.04% |
Volatility
SSO vs. BTC-USD - Volatility Comparison
The current volatility for ProShares Ultra S&P500 (SSO) is 8.74%, while Bitcoin (BTC-USD) has a volatility of 12.10%. This indicates that SSO experiences smaller price fluctuations and is considered to be less risky than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SSO | BTC-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.74% | 12.10% | -3.36% |
Volatility (6M)Calculated over the trailing 6-month period | 19.17% | 34.64% | -15.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.54% | 35.63% | -11.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.78% | 44.55% | -10.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.95% | 56.61% | -20.66% |
Frequently Asked Questions
SSO and BTC-USD have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTC-USD has higher volatility (12.10%) compared to SSO (8.74%). In terms of maximum drawdown, SSO dropped -84.67% vs BTC-USD's -85.30%.
SSO currently has the higher Sharpe Ratio (1.79 vs -0.88), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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